Oyo to improve IGR through the informal sector

By Olubunmi Osoteku, Ibadan

Oyo State Governor, Seyi Makinde

The Oyo State Government has reiterated its resolve not to impose additional tax in its effort at improving the Internally Generated Revenue, IGR, of the State.

The government revealed that it would rather explore untapped and hitherto neglected avenues by expanding the tax needed in generating funds that would be used to provide the necessary amenities for the people of the State.

The State Commissioner for Finance, Mr Akinola Ojo, disclosed this on Thursday, while addressing stakeholders at the launching of mobile advert stickers for use by businesses and organisations operating and advertising in the State.

He noted that instead of increasing tax, the Seyi Makinde led administration had chosen to explore the huge earning potentials in the informal sector, if properly organised and closely monitored.

Expanding sources of revenue

Ojo stated that the government was also committed to expanding its sources of revenue generation and blockage of leakages in order to create a conducive environment for residents of the State.

The Commissioner, who was represented by the Permanent Secretary, Ministry of Finance, Mrs Adenike Fashina, assured that the current administration would remain accountable to the people as monies generated from the sale of mobile stickers together with other revenues, would be adequately used to improve lives and create opportunities for businesses to thrive in the State.

In his welcome address, the Director General, OYSAA, Temilola Adibi, explained that the 2020 mobile stickers are to be administered on any branded vehicle belonging to individuals and corporate organisations, adding that anyone caught attempting to produce counterfeits of the stickers would be duly prosecuted.

In his goodwill message, the Chairman, Oyo State Board of Internal Revenue, Aremu John Adeleke, urged those involved to show solidarity to the State government by purchasing the stickers and complying with all financial commitments to the State, adding that the government is doing well to ensure that it does not make generating income a burden on the people.

The Lead Consultant, representatives from the Manufacturers Association of Nigeria (MAN) and other stakeholders, promised to work in synergy to ensure the success of the scheme.